Quarterly report pursuant to Section 13 or 15(d)

Equity Compensation (Tables)

v3.23.3
Equity Compensation (Tables)
9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Unit Activity
RSUs are subject to a vesting period between one and four years. RSU activity for the nine month period ended September 30, 2023 is as follows:
(dollar amounts in millions, except share and per share data)
Nine Months Ended September 30, 2023
RSUs
Weighted-Average Grant Date Fair Value
Unvested, outstanding at December 31, 2022
465,064  $ 10.5 
Granted 748,198  10.6 
Vested (143,971) 10.5 
Forfeited (34,901) 10.3 
Unvested, outstanding at September 30, 2023
1,034,390  $ 10.6 
PSUs activity for the nine month period ended September 30, 2023 is as follows:
(dollar amounts in millions, except share and per share data)
Nine months ended September 30, 2023
PSUs Weighted-Average Grant Date Fair Value
Unvested, outstanding at December 31, 2022
252,923  $ 9.5 
Granted 229,091  10.6 
Vested —  — 
Forfeited —  — 
Unvested, outstanding at September 30, 2023 (1)
482,014  $ 10.0 
1) This number excludes 252,923 performance stock units, which represents the incremental number of units that would be issued based on performance results from previously-granted PSU awards.
Schedule of Valuation Assumptions
A summary of the assumptions used in determining the fair value of stock options is as follows:
(dollar amounts in millions, except share and per share data)

Nine Months Ended September 30, 2023
Expected life of option (years)
6.00 - 6.25
Risk-free interest rate
2.9% - 3.7%
Expected volatility of the Company’s stock
45% - 48%
Expected dividend yield on the Company’s stock —  %
Schedule of Stock Option Activity
Stock option activity for the nine month period ended September 30, 2023 is as follows:

Nine Months Ended September 30, 2023
Stock Options Weighted-Average Grant Date Fair Value Weighted Average Remaining Contractual Life (in years) Intrinsic value
Unvested, outstanding at December 31, 2022
700,729  $ 4.5  9.8 $ 0.2 
Granted 18,796  5.3  9.5 0.2 
Exercised —  —  —  — 
Vested (175,175) 4.5  8.5 1.2 
Forfeited —  —  —  — 
Unvested, outstanding at September 30, 2023
544,350  $ 4.5  8.6 $ — 
Vested not exercised at September 30, 2023
175,175  $ 4.5  8.5 $ 1.2